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2023-04-05-accounts

Charity registration number 265405

THE SIMON HELLER CHARITABLE SETTLEMENT

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE SIMON HELLER CHARITABLE SETTLEMENT

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lady M Heller
WS Trustee Company Limited
J Heller
A Heller
Charity number 265405
Principal address 2nd Floor
12 Little Portland Street
London
W1W 8BJ
Auditor Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
Bankers The Royal Bank of Scotland Plc
62/63 Threadneedle Street
London
United Kingdom
EC2R 8LA

THE SIMON HELLER CHARITABLE SETTLEMENT

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 16

THE SIMON HELLER CHARITABLE SETTLEMENT

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their annual report and financial statements for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objects are to support the funding of specific projects relating to medical, scientific and educational research.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The trustees have decided that for the foreseeable future, in accordance with the above and in exercise of their discretion, they will include some significant donations to various universities for research purposes, and in particular medical research.

Achievements and performance

The net income available for donation in the current year amounted to £372,565 (2022: £346,616). Grants of £180,011 (2022: £261,724) were given and allocated as follows:

Education £15,550 (2022: £40,100) Humanitarian £151,461 (2022: £213,124) Research £13,000 (2022: £8,500)

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least six to twelve month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Charity distributes, as per the above Objectives & Activities, the net income from its investments.

However, the Charity also maintains minimum sufficient cash funds to cover its activities for 6 to 12 months in the unlikely event that all the income from its investments does not materialise.

Larger cash sums are also held either for re-investment or where the Trustees have under consideration to make a larger distribution as per its Objectives & Activities above.

Where the charity holds real estate investments, the Trustees take into account social and environmental and ethical considerations.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity was established on 16 October 1972 to enable the trustees to apply both capital and income for general charitable purposes or objects. It is governed by the Deed of Charitable Settlement.

THE SIMON HELLER CHARITABLE SETTLEMENT

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

The trustees who served during the year and up to the date of signature of the financial statements were: Sir M A Heller (Deceased 30 January 2023) Lady M Heller WS Trustee Company Limited J Heller A Heller

The power of appointing a new trustee shall be exercised by Lady M Heller.

All decisions regarding the charities activities are made by the trustees.

The trustees' report was approved by the Board of Trustees.

A Heller Trustee

26 January 2024

THE SIMON HELLER CHARITABLE SETTLEMENT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE SIMON HELLER CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE SIMON HELLER CHARITABLE SETTLEMENT

Opinion

We have audited the financial statements of The Simon Heller Charitable Settlement (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE SIMON HELLER CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SIMON HELLER CHARITABLE SETTLEMENT

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud and the audit response

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:

THE SIMON HELLER CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SIMON HELLER CHARITABLE SETTLEMENT

We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud as low because the nature of the business does not particularly lend itself to fraud.

Management override is the most likely way in which fraud might present itself and as such is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THE SIMON HELLER CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE SIMON HELLER CHARITABLE SETTLEMENT

Hart Shaw LLP

.........................

Chartered Accountants Statutory Auditor

Europa Link Sheffield Business Park Sheffield S9 1XU

Hart Shaw LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE SIMON HELLER CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income from:
Investments
3
460,487
-
Expenditure on:
Charitable activities
4
267,933
-
Net gains/(losses) on
investments
8
20,871
(186,502)
Net movement in funds
213,425
(186,502)
Fund balances at 6 April
2022
1,632,612
5,667,199
Fund balances at 5 April
2023
1,846,037
5,480,697		 Total
Unrestricted Endowment
funds
funds
2023
2022
2022
£
£
£
460,487
427,557
-
267,933
342,665
-
(165,631)
(173,042)
395,438
26,923
(88,150)
395,438
7,299,811
1,720,762
5,271,761
7,326,734
1,632,612
5,667,199		 Total
2022
£
427,557
342,665
222,396
307,288
6,992,523
7,299,811

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE SIMON HELLER CHARITABLE SETTLEMENT

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Investment property
10
Investments
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds-general
General endowment funds
Permanent endowment
Expendable endowment
15
Income funds
Unrestricted funds		 2023
£
£
3,511,706
2,001,363
5,513,069
1,151,095
685,317
1,836,412
(22,747)
1,813,665
7,326,734
5,480,697
5,480,697
-
5,480,697
5,480,697
1,846,037
7,326,734		 2022
£
£
3,428,382
2,250,318
5,678,700
1,160,367
480,267
1,640,634
(19,523)
1,621,111
7,299,811
5,667,199
5,667,199
-
5,667,199
5,667,199
1,632,612
7,299,811		 2022
£
£
3,428,382
2,250,318
5,678,700
1,160,367
480,267
1,640,634
(19,523)
1,621,111
7,299,811
5,667,199
5,667,199
-
5,667,199
5,667,199
1,632,612
7,299,811
5,678,700
1,621,111
7,299,811
5,667,199
1,632,612
7,299,811

The financial statements were approved by the Trustees on 26 January 2024

A Heller Trustee

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Simon Heller Charitable Settlement is a registered charity at The Charities Commission for England and Wales. The registered office is 2[nd] Floor, 12 Little Portland Street, London, W1W 8BJ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

3 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 95,747 92,976
Income from property 253,632 227,534
Interest receivable 111,108 107,047
460,487 427,557
Grants payable
2023 2022
£ £
Grants to institutions 180,011 261,724

4 Grants payable

The trustees consider that as this is a private charitable trust to which no public funds have been contributed, the disclosure requirements relating to grants in excess of £1,000 do not apply as the inclusion of such information would, in certain circumstances, be likely to prejudice the furtherance of the purposes of the charitable trust or recipient. Full details of these grants will be supplied to the Charity Commissioners.

5 Support costs

Support costs
Bank charges
Audit fees
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
27
-
-
630
-
3,718
27
4,348
-
4,375		 2023
£
27
630
3,718
4,375
4,375		 Support
costs
Governance
costs
£
£
220
-
-
585
-
3,315
220
3,900
-
4,120		 2022
£
220
585
3,315
4,120
4,120

Governance costs includes payments to the auditors of £630 (2022 - £585) for audit fees.

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or payment of expenses from the charity during the year.

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Employees

There were no employees during the year other than the trustees.

8 Net gains/(losses) on investments

**Unrestricted ** Endowment **Total Unrestricted ** **Total Unrestricted ** Endowment Total
funds funds funds funds
general general
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Revaluation of
investments 20,871 (186,502) (165,631) (173,042) 395,438 222,396

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10 Investment property

Fair value
At 6 April 2022
Net gains or losses through fair value adjustments
At 5 April 2023		 2023
£
3,428,382
83,324
3,511,706

Investment property comprises of three wholly owned properties and a property of which the charity owns 41.67%. The fair value of the wholly owned investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the trustees.

The part owned property was valued on 6 November 2023 by an independent firm of chartered surveyors, who are not connected to the charity.

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

11 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 6 April 2022
2,249,318
1,000
Valuation changes
(248,955)
-
At 5 April 2023
2,000,363
1,000
Carrying amount
At 05 April 2023
2,000,363
1,000
At 05 April 2022
2,249,318
1,000		 Total
£
2,250,318
(248,955)
2,001,363
2,001,363
2,250,318

Fixed asset investments revalued

The listed investments are revalued at their year end mid-market values which are obtained from The London Stock Exchange.

The historical cost of the listed investments is not known.

Fixed asset investments not carried at market value

The unlisted investments are valued at cost less impairment.

12
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Instruments measured at fair value through profit or loss
Carrying amount of financial liabilities
Measured at amortised cost
13
Debtors
Amounts falling due within one year:
Other debtors		 2023
£
1,151,095
2,001,363
9,156
2023
£
1,151,095		 2022
£
1,160,367
2,250,318
10,666
2022
£
1,160,367

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

14 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
13,591
4,083
5,073
22,747		 2022
£
8,857
4,083
6,583
19,523

15 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
6 April 2021 resources 6 April 2022 resources 5 April 2023
£ £ £ £ £
Expendable endowments
Capital Fund 5,271,761 395,438 5,667,199 (186,502) 5,480,697
5,271,761 395,438 5,667,199 (186,502) 5,480,697

The Capital Fund consists of the original funds vested in the Trustees by the Settler, together with all other money, investments and property subsequently transferred, and includes realised gains made before 1993.

Under clause 3(b) of the Settlement Deed, the Trustees are given the power to accumulate all or any part of the income of the Trust Funds for a period of 21 years from the date of the Settlement (16 October 1972) by investing the same in investments as an accretion to the capital of the property from which such income arose and as one fund therewith for all purposes.

The Trustees are empowered to apply both the capital and the income for charitable purposes.

16 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2023
2023
£
£
Fund balances at 5
April 2023 are
represented by:
Investment properties
3,511,706
-
Investments
2,001,363
-
Current assets/(liabilities)
1,813,665
-
7,326,734
-		 Total Unrestricted
funds
Endowment
funds
2023
2022
2022
£
£
£
3,511,706
3,428,382
-
2,001,363
2,250,318
-
1,813,665
1,621,111
-
7,326,734
7,299,811
-		 Total
2022
£
3,428,382
2,250,318
1,621,111
7,299,811

THE SIMON HELLER CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

17 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Office premises, property management, general management, accounting and administration services are provided by London & Associated Properties Plc ("LAP"), a company of which Sir Michael Heller is also a director and Sir Michael Heller and Lady Morven Heller are shareholders. The consideration for the provision for these services is met by a fixed management fee of £5,000 per annum.

Included in other debtors is a loan of £700,000 (2022: £700,000) to LAP at an interest rate of 9%, during the year interest amounting to £63,000 (2022: £63,000) was received.

Included in other debtors are five loans totalling £400,000 (2022: £400,000) to connected parties at an interest rate of 11%, during the year interest amounting to £44,000 (2022: £44,000) was received.

Included in other creditors is £4,083 (2022: £4,083) due to Michael and Morven Heller Charitable Foundation.